Loan Repayments
Hello All
I have been looking at this scheme with interest.
The pay and loans seem to be baffling me at present. The FPP pay is quoted as all sorts ranging from £22000 to £44000 depending on the posts but that is not such a problem as of course some people are quoting including loan repayments and allowance estimates etc.
The bit that I am having trouble understanding however is the repayments if you borrow money and ask BA to underwrite the loan. In the early wording of the FPP website the question was addressed "what if I don't borrow the money and self fund the course, do i get the extra £1000 a month (£12K a year) as wages instead of it being used to pay my loan for 7 years?" and the early wording made it seem that if you don't borrow the money then you don't get the extra pay. So that would seem that it is a no brainer to borrow the money if you don't get your hands on the repayments anyway, if you don't use the facility.
This then begs the question then would the BA scheme actually be a pretty low paid job? £22K plus perhaps £8-12K allowances depending on flying but nothing more even if you don't use the loan. Are the loan repayments that you cannot get your hands on, actually a cheeky bond to make it difficult to leave? I understand easyjet are paying mid 40K for low hour contract pilots.
The thing is that the wording on the FPP website changed a few weeks later making it now very unclear if you can get your hands on the £12K a year repayments as wages if you choose not to use the loan.
I must point out that I have no option but to ask for the loan if i should apply but I would want to work hard at paying it back early to get it out of the way rather than it dragging on for 7 years. However if the is no incentive to pay it back early (i.e. you don't get a £12K pay boost when it is paid off) then what's the point. Does anyone have any clear information on what the real deal is and if we can benefit from early repayment?
Kind Regards